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EX - 99.12 cnsl - 20211028xex99d1.htm EX - 99.1 Exhibit 99.1 Consolidated® communications Consolidated Communications Reports Third Quarter 2021 Results Delivering on fiber upgrade strategy with speed and agility to meet consumer needs for reliable , high- speed broadband services . • • Completed 97,000 fiber upgrades in third quarter ; on track to upgrade over 300,000 fiber locations in 2021 and extend fiber services to 70 % of Company's footprint by 2025 . Increased fiber net adds 20 % year to date , added approximately 11,000 consumer fiber Gig- capable subscribers in 2021 . Company announced agreement to sell non - core Ohio business , consistent with portfolio review . Final stage of Searchlight investment expected to close in fourth quarter 2021 . Mattoon , III . - Oct. 28 , 2021 - Consolidated Communications Holdings , Inc. ( Nasdaq : CNSL ) ( the " Company " or " Consolidated " ) , a top 10 fiber provider in the U.S. , today reported results for the third quarter 2021 . " We are executing well and ahead of schedule on our fiber network deployment and are on track to upgrade more than 300,000 locations to gig - capable fiber this year , " said Bob Udell , president and chief executive officer at Consolidated Communications . " So far in 2021 , we have increased consumer fiber connections 20 % year to date and grew consumer data average revenue per unit 7 % . This progress positions Consolidated for ongoing growth and opportunity as we prepare to launch a new brand , introducing a superior fiber product and exceptional customer experience . " Third Quarter Financial Highlights ( compared , where applicable , to third quarter 2020 ) : • Revenue totaled $ 318.6 million , generating Adjusted EBITDA of $ 127.4 million . • Consumer broadband revenue was $ 68.6 million , up 2.1 % . • Commercial and carrier data - transport revenue was $ 91.1 million , up 1.1 % . Net cash from operating activities was $ 110.1 million ; cash and short - term investments totaled $ 253.6 million . • Capital expenditures totaled $ 144.3 million , reflecting the investment related to the fiber expansion plan and 97,000 upgrades completed in the quarter . Operating expenses were $ 206.6 million , $ 2.9 million or 1.4 % lower than a year ago . The primary drivers were network cost efficiencies including lower cost of video programming , and the receipt of property tax rebates . Income from operations totaled $ 32.5 million , down compared to $ 37.4 million a year ago . The year - over- year change was primarily due to a revenue decline of $ 8.5 million combined with a non - cash loss on sale of assets offset by a $ 6.5 million decline in depreciation and amortization expense . As part of an ongoing asset evaluation , the Company announced in September that it entered into a definitive agreement to sell substantially all of the assets of the Company's non - core , rural ILEC business located in Ohio for approximately $ 26 million and recorded a pre - tax non - cash loss of $ 5.7 million during the quarter , which included approximately $ 22 million of allocated goodwill . This transaction is subject to customary closing conditions , including regulatory approvals . Page 1 of 13